Finance Minister to Inaugurate Two Day High Level International Seminar on “Adopting tax System and International tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow

Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on “Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow at Vigyan Bhawan. In the two day International Seminar , discussions would be held in separate sessions on the issues pertaining to transfer pricing, global trends in tax reform, implications for international tax arrangements, international dispute resolution and elimination of double taxation among others. This is for the first time that such high level international seminar is being held in India in association with Organisation for Economic Cooperation and Development (OECD). About 150 representatives from about 30 member countries of OECD along with those of International Monetary Fund(IMF), World Bank and tax officials from India are expected to participate in this two day international seminar.

India has also taken various steps to strengthen transfer pricing provision to check misuse of the provisions and efforts to shift profit to another country. The variety of inter-company transactions, increased global business restructuring and location of companies in various tax jurisdictions have brought various challenges to the tax administration on transfer pricing rules.

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